Advisory firm now offering online version of investment advice available at offices.
Savant Capital Management is offering technology-savvy investors an online version of the comprehensive investment advice that its advisers offer clients who come into one of its offices.
The 26-year-old firm will charge eSavant customers less than for traditional service if clients are bringing smaller amounts of assets to the firm. Clients bringing in at least $500,000 will be charged the same 1% on assets with a $900 a year minimum whether they use eSavant or the traditional approach. Clients who bring Savant $50,000 to $500,000 in assets today are charged 1.5%.
“We are confident clients will get the same results and quality of experience,” said Savant chief executive Brent Brodeski. “It's a robust integration of investment management, and comprehensive financial planning and tax advice.”
Chicago-based Savant is making three of its 30 advisers available to new clients of eSavant and each new client will be assigned to a specific adviser based on whether they are bringing $1 million in assets to the firm, $500,000 million to $1 million or less than $500,000, Mr. Brodeski said.
The new model will be ideal for clients who only want to conduct business online and those who may be living in an area without access to experienced, comprehensive advisers, he said. The three eSavant advisers are certified financial planners and their clients will be able to e-mail, telephone and hold video chats with their adviser.
“The client can be anywhere and the adviser can be anywhere,” Mr. Brodeski said. “The idea is to provide full-blown adviser relationships to remote markets.”
eSavant has a different web interface and software for its users and the processes are different than for traditional clients, but the investment products are the same and the results comparable, he said.
Clients of this segment of Savant will have to be comfortable with technology, Mr. Brodeski said.
Last year, Savant bought InvestSimply LLC, an Internet-based registered investment adviser with about 10 clients, so it could better serve its own clients remotely.
